Chapter 6 Flashcards
(16 cards)
Planning
Determining what the business needs to do and the best way to achieve it Ie. Strategic plans Tactical plans Operational plans
4 functions of management
- planning
- leading
- organizing
- controlling
Leading
Guiding and motivating employees to meet objectives
- authority to give orders
- ability to guide employees
- power to motivate employees
Organizing
-Determining how to use existing resources to implement the plan and create an efficient task system
Controlling
Establish standards and measure firms performance
Types of managers
1) top management
2) middle management
3) first-line management
Top management
Responsible for overall performance of the firm
Middle management
Responsible for implements decisions of top managers
First line management
Responsible for supervising employees
Areas of management
- marketing managers
- financial managers
- operations managers
- human resources managers
- information managers
Basic management skills
- conceptual skills
- human relations skills
- technical skills
- time management skills
- decision-making skills
Purpose of setting goals
- provides direction guidance and motivation
- assists in allocating resources
- helps managers assess performance
Kinda of goals
1) Long term = 5+ years
2) Intermediate = 1-5 years
3) Short term = less than 1 year
SMART GOALS
Specific Measurable Achievable Relevant Time-Framed
SWOT analysis
- Strengths (internal)
- Weaknesses (internal)
- Opportunities (external)
- Threats (external)
Business Level (competitive) strategies
1) cost leadership
2) differentiation
3) focus
